How long after default on a debt is it not legal for a creditor to chase or is there no time limit?

7 years..but here's how they get around it.

At about 5 years, they sell your debt to another collector. Then the debt becomes new and they can pursue it for another 7 years. They can sell from creditor to creditor destroying your credit in the process.

I think 7 years - in the US. I don't know about any other country. Also, as said above - do not talk to a collector or break down and say that you'll make a minimum payment or settle on a lower ballance - whatever just to make it go away. That is a ruse on the debt collectors part to get you to acknowledge the debt and pay up.

6 years???

so why am i being chased all over for a ВЈ167 debt from 1986?

i think you will find , if you owe you owe !!!

some gov dept have their own guidelines, but i dont believe there is a 'cut off' point for a debt.

The statute of limitations is 7 years. During this time the creditor can and will pursue you, ruthlessly! Laws are different in the USA, than the UK!

After they officially take you to court...

If you don't respond to their attempts to collect the debt then they will file a lawsuit against you...

If you don't go to court and talk to their people then there will be a default judgement placed against you...

This can result in your arrest.

But if you go to court and talk to the guy you can negotiate a settlement before your case goes before the judge and, if you negotiate well, you can end up paying less then half of the amount owed.

Just make sure that you can pay for SOMETHING that day... If you can't give them a dime THAT DAY they may not negotiate with you and then you end up before the judge...

No one I know has ever gone before the judge...

The lawyers of the collection agency don't want it to go before the judge...

When the creditors call me and say "We will take you to court if you don't follow our rules" I tell them to go right on ahead because I WANT to pay them but if I don't have the money to pay them what they demand then I don't have the money...

I can write everyone a check for a million dollars but it will bounce...

So take me to court and you will end up spending more in lawyers fees and time then you will get out of me bacause I know how the system works...

Either work with me on this or do what you feel is necessarry...

We can either do this the nice way or the hard way and I REALLY want to pay you!

After they take you to court you will be required by law to do whatever the judgement is... They can hunt you down for life because there is no experiation date on a court judgement...

BUT it will take about 7 years AFTER your account is settled for your credit to cycle through and the default to be removed.

P.S.

D
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Do business with American Express...

Their customer service people will lie to your face, EVEN when you tell them that everything they say is being recorded.

If you get answer A. from the fist call, call again and you will get a TOTALLY different responce to the same questions.

They will tell you that everything is fine then shut off the cards a second later...

They will shut off the cards from ALL accounts with them if one of them is late...

They will change the terms of the card form a Credit Card to a Line of Credit that needs to be paid off in full each month without tell you...

They will send each account to a different colleciton agency once the Line of Credit isn't paid off in full and so you will pay one agency thinking everything is ok only to find out that your other account is delequent because you THOUGHT that you had paid.

I gave American Express (For my business) $5000.00 in one month and it turns out that one of the accoutns is going to court because I was told that it was included in the payment schedule...

FIVE THOUSAND DOLLARS to American Express and it didn't mean a damn thing.

These people are scavengers that will rape you and lie to you and make all sorts of threats...

Their call centers are located in Phoenix Arizona (Near Sky Harbor Airport) and Vancuver.

I found the addresses by back checking the phone numbers and I will make my last payments IN PERSON just to let them know that their threats were unnecessarry and that they should be glad that we are such nice people...

Because it is VERY easy to find them.

Depends on the debt. 6-10 years. whatever you do- do NOT make payments or talk to the creditor about the debt- they can reage it then and you have to wait even LONGER!

7yrs according to d FDCPA Law...U can always do arragements for payments with debt collector.
Whatever it is they are not allow to call you more than once a day unless stated by you, call your work if you have not asked them 2.

He can chase you as long as he wants. The post will only stay on your credit for 7 years.

Pay up sucker. Be happy it is not Guido.

I believe it to be 6 years, however, the laws may have changed.

It depends firstly on the status of the debt. I believe that statutory bodies can chase for up to twelve years (eg tax Office), and also debts relating to land or property. In other cases, it is six years. So, that is the first thing to find out. If, however, during the six/twelve year tenure you acknowledge that you still owe the debt, or make a payment on a/c, a further six/twelve year term is started.

I am assuming that you are British, clearly some respondents haven't.

There is no statute of limitations on debt. You always owe whatever you've promised to pay. However, there is a limit of time for how long it will remain on your credit record for other companies to see.

There is a legal limit called the statute of limitation which is six years., except for some criminal offences no one can be chased up for a debt and some other crimes which you need to check out..

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